Old Naira Notes: No going back on Jan 31st Deadline, says CBN

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Old Naira Notes: No going back on Jan 31st Deadline, says CBN
Collage of Old Naira Notes and New Naira Notes (Photo Credit: Channels TV)

The Central Bank of Nigeria (CBN) has maintained that the deadline for exchange of the old Naira notes for new ones remains January 31, 2023.

In its official twitter handle @cenbank, on Friday, the apex bank wrote, “The current series of N200, N500 and N1,000 notes remain legal tender until the deadline of January 31, 2023.”

This implies that there is no official position as at this day by the CBN to reconsider its earlier deadline, and a pointer to a resolve to phase out the old naira notes of 200, 500, and 1,000 denominations over the next few days.

In October 2022, the CBN had announced that the old Naira notes would phase out, and be legal tender till January 31, 2023 after detailing a number of reasons for the action.

The announcement had generated backlash from the public, which in part, informed the call by the National Assembly for CBN to extend the deadline of January 31, 2023.

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